The Credit Score Mystery

Credit scores are complex and critical to our financial well-being. They affect whether we can get approved for loans, and the interest rate we’ll pay. They can also have an impact on your ability to rent, or get a job.

Have one credit card that you use for one thing. For example: gas. Pay it off within the next couple of days every time you use it. You’ll never accrue a balance, and will build your credit.

Pay all of your bills on time, every time. Even one late payment can hurt your score.

Get in the habit of checking your credit report on an annual basis. You’re entitled to 1 of 3 credit bureau reports (Equifax, Experian, and TransUnion) free, every 12 months. It’s smart to stagger them every 4 months. Look for red flags.

Student Loans

17 tips for paying off student loan debt faster

1. Don't ignore the debt.2. Read the fine print and know the repayment guidelines. 3. Be prepared to sacrifice in order to meet your goals.4. Keep your contact information current.5. Make more than minimum payments every chance you get.6. Start paying immediately. 7. Pay more than once per month if possible. 8. Live well below your means. 9. Set a strict cash budget. 10. Don't carry balances on credit cards.11. Don't buy a new car if you don't need one. 12. Look for cheaper places to live while you are paying down debt. 13. Learn to negotiate on salaries, sign on bonuses, relocation, lower interest rates, etc.14. Track your payments closely.15. Take advantage of discounts. 16. Pay off the highest-interest-rate loans first. 17. Set achievable milestones, and reward yourself as you reach them.